by Every quarter, Switzerland publishes updated spending forecasts for the current year. On 25 October 2023, it raised the 2023 spending forecast by CHF 300 million to 81.6 billion, an increase of 0.4% on the previous quarter, but still below the original budget. Swiss Budget © Marekusz | Dreamstime.comThe revision takes the ordinary budget deficit from an original CHF -700 million to -900 million, a figure 300 million above the late quarterly estimate of -600 million. At the same time, after extraordinary spending is taken into account, the latest forecast deficit of CHF -1.8 billion remains far ahead of the original of -4.8 billion. This is mainly down to 4 billion sum that was reserved to support the electricity industry, which is no longer expected to be used. GDP growth
Topics:
Investec considers the following as important: Business & Economy, Editor's Choice, Personal finance
This could be interesting, too:
Investec writes Federal Council hopes to boost savings with pension change
Investec writes Switzerland’s cross border workers reach record level
Investec writes Swiss National Bank to issue new money
Investec writes End of lifelong widows’ pensions moves closer to reality
Every quarter, Switzerland publishes updated spending forecasts for the current year. On 25 October 2023, it raised the 2023 spending forecast by CHF 300 million to 81.6 billion, an increase of 0.4% on the previous quarter, but still below the original budget.
The revision takes the ordinary budget deficit from an original CHF -700 million to -900 million, a figure 300 million above the late quarterly estimate of -600 million.
At the same time, after extraordinary spending is taken into account, the latest forecast deficit of CHF -1.8 billion remains far ahead of the original of -4.8 billion. This is mainly down to 4 billion sum that was reserved to support the electricity industry, which is no longer expected to be used.
GDP growth forecasts have also slipped slightly. Nominal GDP growth was original expected to be 3.2%. Now the expectation is growth of 2.6%.
More on this:
Federal Council press release (in French) – Take a 5 minute French test now
For more stories like this on Switzerland follow us on Facebook and Twitter.